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Corresponding population parameter

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Reference no: EM132173820

In my other Statistics course QNT/351 there is an assignment for the teams to demonstrate the effects of the Central Limit Theorem (CLT). They use a data set of 100 home prices similar to that provided for your use. They are asked to draw ten samples of ten prices each (n = 10) from the data set. Next they calculate the Population Parameters and Sample Statistics including the Means and the Standard Deviations. The last calculations are the Mean and Standard Deviation of the Sample Means. The result here is the Mean of the Sample Means approximates (or is the same) as the Population Mean. The Mean of the Sample Standard Deviations is different than the corresponding Population Parameter.

In what way would this Standard Deviation differ from that of the Population parameter?

Reference no: EM132173820

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